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Tank Sports, Inc - Recent Material Event

   
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Plan of Operations
Item 3. Controls and Procedures
PART II:
OTHER INFORMATION
Item 1. Legal Proceedings
Item 2. Changes in Securities
Item 3. Defaults upon Senior Securities
Item 4. Submission of Matters to a Vote of Security Holders
Item 5: Other Information
Item 6. Exhibits and Reports on Form 8-K
SIGNATURES
EX-31.1 (CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER)
EX-31.2 (CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER)
EX-32.1 (Certifications required under Section 906 of the Sarbanes-Oxley Act of 2002)
EX-32.2 (Certifications required under Section 906 of the Sarbanes-Oxley Act of 2002)

 
 
 





SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-QSB


xQuarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended November 30,2007.

oTransition report under Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from _______to____________ .

 
Commission file number: 333-129910
 
 
 
TANK SPORTS, INC.
(Exact name of small business issuer as specified in its charter)


 California
 95-4849012
 (State or other jurisdiction of incorporation or organization)
  (I.R.S. Employer Identification No.)
 
  
 

 
10925 Schmidt Road
El Monte, California 91733
 
 
(Address, including zip code, of principalexecutive offices)
 
 
 
 
 
 Issuer's telephone number : (626) 350-4039
 
 
 
 

SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT: NONE

SECURITIES REGISTERED PURSUANT TO SECTION 12(g) OF THE ACT: COMMON STOCK, PAR VALUE $.001 PERSHARE

Check whether the Registrant: (1) filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during thepast 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YesxNoo
 
Indicate by check mark whether the registrant is an accelerated filer (as defined in exchange A Rule 12b-2)

Yes  ¨    No  x 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
 
Yes  ¨    No  x 

The number of outstanding shares of the Registrant's common stock, $0.001 par value, as of August 31, 2007 was 38,523,533.

 
 
 


 

 
TANK SPORTS, INC.
TABLE OF CONTENTS

 
 PART I:
 FINANCIAL INFORMATION
 Page
 
 
 
 Item 1.
 Financial Statements:
 
 
 
 
  CONDENSED CONSOLIDATED BALANCE SHEET AS OF NOVEMBER 30, 2007 (Unaudited)
 
 
 
 
 
  CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE THREE-MONTH AND NINE-MONTH PERIODS ENDED NOVEMBER 30, 2007AND 2006 (Unaudited)
 
 
 
 
 
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS FOR NINE-MONTH PERIODS ENDED NOVEMBER 30, 2007 AND 2006  (Unaudited)
 6
 
 
 
 
 NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
 
 
 
 
 Item 2.
 Managements Discussion and Analysis of Financial Condition and Plan of Operations
 
 
 
 
 Item 3.
  Controls and Procedures
 
 
 
 
 PART II:
 OTHER INFORMATION
  22
 
 
 
 Item 1.
 Legal Proceedings
 
 
 
 
 Item 2.
 Changes in Securities
 
 
 
 
 Item 3.
 Defaults upon Senior Securities
 
 
 
 
 Item 4.
 Submission of Matters for a Vote of Security Holders
 
 
 
 
 Item 5.
 Other Information
 
 
 
 
 Item 6.
 Exhibits and Reports on Form 8-K
 
 
 
 
 SIGNATURES
 
 
 

  



This Form 10-QSB contains forward-looking statements within the meaning of the "safe harbor" provisions under Section 21Eof the Securities Exchange Act of 1934. We use forward-looking statements in our description of our plans and objectives forfuture operations and assumptions underlying these plans and objectives. Forward-looking terminology includes the words"November," "expects," "believes," "anticipates," "intends," "projects," or similar terms, variations of such terms or the negativeof such terms. These forward-looking statements are based on management's current expectations and are subject to factors anduncertainties, which could cause actual results to differ materially from those, described in such forward-looking statements. Weexpressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statementscontained in this Form 10-QSB to reflect any change in our expectations or any changes in events, conditions or circumstanceson which any forward-looking statement is based. Factors, which could cause such results to differ materially from thosedescribed in the forward-lookingstatements, and elsewhere,, are incorporated by reference into this Form 10-QSB.
 
 
 
 
 
  
  
TANK SPORTS, INC. AND SUBSIDIARIES
     
CONSOLIDATED  BALANCE SHEET
     
AS OF NOVEMBER 30, 2007
     
UNAUDITED
     
         
ASSETS
     
         
CURRENT ASSETS
     
 
Cash and cash equivalents
    1,516,897  
 
Accounts receivable, net
    546,801  
 
Prepaid expenses and other assets
    194,186  
 
Related parties receivable
    1,822,890  
 
Inventory
    5,155,421  
 
Other receivable
    11,423  
           
Total Current Assets
    9,247,618  
           
PROPERTY, PLANT AND EQUIPMENT, NET
    1,996,142  
CONSTRUCTION IN PROGRESS
    5,785  
DEPOSITS
    176,765  
INVESTMENT UNDER EQUITY METHOD
    57,396  
           
INTANGIBLE ASSETS
       
 
Trademark
    2,835  
 
Licenses and permits
    1,585,900  
 
Land right
    3,720,445  
 
Goodwill
    2,630,692  
           
Total Intangible Assets
    7,939,872  
           
TOTAL ASSETS
    19,423,578  
           
           
LIABILITIES AND STOCKHOLDERS' EQUITY
       
           
CURRENT LIABILITIES
       
 
Accounts payable and accrued expenses
    4,240,110  
 
Notes Payable
    500,740  
 
Other payable
    177,047  
 
Customer Deposits
    181,140  
 
Loans from related parties
    1,839,702  
 
Due to related party
    120,000  
 
Loans Payable
    6,558,010  
 
Shares to be Issued
    1,520,000  
           
Total Current Liabilities
    15,136,749  
           
LONG-TERM LIABILITIES
       
 
Due to related parties